He explained that, ideally, he would restructure the company in a similar manner to his other company, SpaceX, giving employees shares of the company and allowing them to buy or sell them periodically.

Former SEC Chairman Harvey Pitt told CNBC on Wednesday that Musk could face criminal and civil penalties if investigators find he did not secure funding prior to the time of his tweet.

An SEC investigation would be the latest among a string of recent hiccups for Musk and Tesla.

The company posted its biggest loss in its history in the second quarter of 2018, booking a net loss of $717.5 million. The company still had $2.78 billion in cash, and vowed to turn profits during the remainder of the year.

Musk, earlier this year, landed in hot water when he called a British diving expert a "pedo" after he dismissed Musk's efforts to assist in the rescue a group of Thai children in a cave as a "PR stunt." Musk later apologized for his remarks.